Friday, April 4, 2008

Abraxis BioScience Acquires Two Biotech Firms

Abraxis BioScience said Friday morning that it has acquired two biotech companies, Shimoda Biotech (Pty) Ltd and its subsidiary, Platco Technologies (Pty) Ltd. Shimoda Biotech develops new pharmaceutical products based on off-patent compounds; Platco develops platinum-based anti-cancer drugs. The deal was worth $15M plus unspecified future earn out. Abraxis BioScience is a biopharmaceuticals firm whose products include ABRAXANE, which is used for treating metastatic breast cancer.